Sunday, November 6, 2016

The government wants to give fire power to the companies – Express

The Government does not want that the Web Summit becomes a mere fogacho with the presence in Lisbon of thousands of entrepreneurs and investors and that runs out in a week, and is investing in a series of measures that not only enhance Portugal as a country to invest, how to attract investors to the Portuguese companies and foreign institutions in the country.

To that end, the Executive will announce in the next week which will be doubled in 2017 the power of fire support to the startups innovative which currently stands at €200 million available to coinvestir in venture capital. To announce the availability of €400 million, is intended to show that there will be no shortage of money to the ecosystem of entrepreneurship.

This even will be reported in the campaign of billboards 'This is not Silicon Valley, This is Portugal' ('This is not Silicon Valley, This is Portugal'). A message that aims to assert the identity and the advantages of Portugal in the face of this famous place in the world of technology and show that the country is equipped with broadband internet access, "including all the schools, that there is £ 400 million to coinvestir in venture capital and business angels, tax benefits for investors of early stage" and that the country has "80 incubators certified".

"don’t just come to Portugal", he said to Express to the minister of Economy, Manuel Caldeira Cabral, "but when they are, they will get to know the country, to receive material and to open doors for you, if you want, you have contacts and know of the benefits of investing here," he pointed out. That is, to have the headquarters of the Web Summit is good, but it is necessary that the event "gain traction", working to convince investors that, at the same time that streamline a series of instruments to improve the "ecosystem of entrepreneurship".

there Are several of these measures, between tax benefits, incentive system and aids. Already starting this week, for example, will be available investment funds in the amount of €100 million, that the private can leverage to double to a total of €200 million. The money, which came out of community funds, may be used by venture capital firms to invest in innovative companies, start-ups and companies in the acceleration phase.

In total, there are 25 different types of venture capital funds. The State has chosen the investors, according to strict criteria, among those with more experience, and they will be, some of them foreign, who will choose where to invest. "When these investors find a company to invest you are left with twice the capacity to do so," said the minister. This type of projects can have great return in value and employment, but are often risky, by this incentive dilutes the risk.

Another measure — and that is already covered in the Budget of the State for 2017 — it is called the "Program seed," a program of tax incentives for those who invest in startups. The program allows you to deduct up to €100 thousand in the IRS, a private investor of its gains, profits, and capital gains. The program was inspired by a similar one that exists in the United Kingdom and which is considered one of the best in Europe.

Another measure is the funding to the so-called business angels (investors who invest in companies in the start-up phase): €18 million that has already been distributed in the invitation to tender and before the influx the Government decided to launch a new contest, the same amount (see E16), for a total of $ 36 million.

"I have No doubt that there are Portuguese companies that will be able to raise significant funds on the Web Summit," says Miguel Frasquilho, president of AICEP. "This is a business card extraordinary. And we are already the treat of the editions of next year," he adds. Remember that the AICEP recently made important contacts with companies like Facebook, Apple, Google and Amazon to give them to know the entrepreneurial ecosystem in Portugal and expects to withdraw the fruits of this contact in the very short term.